"20 July 2023" Archive

No Ad-hoc Disallowance for Railway Site Expenses without Rational Basis

Durga Signal Infra Pvt. Ltd. Vs ACIT (ITAT Kolkata)

In the case of Durga Signal Infra Pvt. Ltd. vs ACIT, ITAT Kolkata rules that there should be no disallowance made under Section 37(1) of the Income Tax Act for site expenses incurred for railway business. Learn about the case, its analysis, and conclusion....

Loss from derivative trading can be set off against regular business income

Kippy Engineering Private Limited Vs DCIT (ITAT Kolkata)

Detailed analysis of the ITAT Kolkata ruling in favor of Kippy Engineering Pvt Ltd, where the tribunal deleted an addition made from losses in derivative trading adjusted with business income....

Software Development: Boosting Tax Management Accuracy, Efficiency & Compliance

Explore how software development is revolutionizing tax management, offering accuracy, efficiency, and compliance. Learn the importance of tax management, role of software development, streamlining tax processes, ensuring compliance, benefits of software development, and the role of AI and automation. Address challenges in implementation ...

Posted Under: Income Tax |

Digital Personal Data Protection Bill, 2022

The Digital Personal Data Protection Bill, 2022, introduced by the Indian government, emphasizes lawful, fair, and transparent use of personal data. Explore key principles, features, rights of individuals, cross-border data transfer, financial penalties, exemptions, and its significance. Stay informed about India's strengthened data prote...

Posted Under: Income Tax |

IBC and Its Impact on Indian Economy

IBC is the second most crucial reform in the legal setting of India. It is because IBC is not only making India emphatically powerful in the field of the legal environment but also provides a new identification and recognition at the global platform economically....

Posted Under: Income Tax |

Tax Planning Vs Tax Evasion Vs Tax Avoidance

Explore the differences between tax planning, tax evasion, and tax avoidance. Understand how tax planning legally optimizes tax liabilities, while tax evasion involves illegal actions. Tax avoidance navigates legal loopholes, sparking ethical debates. Comply with tax laws and maintain ethical practices....

Posted Under: Income Tax |

IBC: Developing A Market for Distressed Assets

A comprehensive exploration of India's distressed asset markets, highlighting the crucial role of the Insolvency and Bankruptcy Code (IBC) in transforming distressed assets into investment opportunities in the rapidly evolving Indian economy....

Posted Under: Income Tax |

SEBI Circular: BRSR Core Assurance & Disclosure Format Revisions

SEBI revises BRSR format and introduces BRSR Core Assurance for listed entities and value chain partners. Learn about the applicability and changes in the revised format....

Posted Under: Income Tax |

HRA Deduction: Rent Paid to Wife Qualifies under Section 10(13A)

Aman Kumar Jain Vs ITO (ITAT Delhi)

The Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favor of Aman Kumar Jain against the Income Tax Officer, permitting rent paid to a wife as eligible for HRA deduction under section 10(13A) of the Income Tax Act....

IBBI Warning to Insolvency Professional: Be Careful & Diligent in Duties under IBC

Order No. IBBI/DC/185/2023 20/07/2023

Read the disciplinary order issued by the Insolvency and Bankruptcy Board of India (IBBI) warning Mr. Sanjay Kumar Singh, an Insolvency Professional, to be diligent in his duties. Learn about the alleged contraventions and the findings of the disciplinary committee...

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